The Spoiler Alert… Before we talk numbers, we need to talk about Charlie Munger. Munger — Warren Buffett’s right hand for 45 years, the guy who turned “I’m just a poor man’s Buffett” into a philosophy — once said something that aged so well it should be in a museum: “When a manager with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.”— Charlie Munger Translation: it doesn’t matter how smart you are. A bad business will humble you every time. Keep that...

Picture the most expensive restaurant you’ve ever been to. Now imagine every major tech company walks in, sits down, and orders everything on the menu. Twice.  → Google drops $180-190 billion. → Meta slaps down $145 billion. → Microsoft and Amazon between them are clearing $300 billion. The total bill for Big Tech’s 2026 AI infrastructure binge is now north of $700 billion — more than the entire GDP of Switzerland, all of it pointed at data centers, chips, and the existential fear of being the one company that didn’t build enough. Apple looked at the menu, ordered a side...

All In. 🃏 In poker, going “all in” means one thing. You’re not hedging or folding. You’re pushing every chip you have to the middle of the table and telling everyone else in the room: I believe in this hand more than you believe in yours. This Wednesday at 4:01pm, four of the most powerful companies on Earth are turning their cards over. 1 Microsoft. 2 Alphabet. 3 Meta. 4 Amazon. They’ve already gone all in. $670 billion committed to AI infrastructure this year alone. → More than Sweden’s entire GDP. → More than America’s entire defense budget. → The largest...

The Verdict. Intel walked into the bond market this week asking for $6.5 billion. Wall Street sent back $50 billion. That’s a verdict. Seven times the amount requested, from the most serious, least excitable investors on Earth — pension funds, insurance companies, sovereign wealth funds. People who don’t get carried away. People who do the math and check the books. This week three companies found out their verdict: 1 Intel got a standing ovation. 2 Walmart got a nod. 3 And Boaz Weinstein found out that even distressed investors have their limits. Here’s the story ⇩ SPONSOR...

Unsexy? Two completely unsexy businesses just had the sexiest IPO week of 2026. One has been making sandwiches in New Jersey since 1956. The other makes uranium pellets the size of a poppyseed. No algorithms or AI wrapper. No founder in a black turtleneck telling you they’re changing the world. Just sandwiches and atoms. Between them they raised over $13 billion this week. And Wall Street — the same Wall Street that spent the last five years throwing money at anything with “AI” in the name — couldn’t write the checks fast enough. Here’s the story ⇩ Don’t forget...

Who does not like cannoli? Last night I watched The Godfather again. You know how it happens. Ninety minutes of scrolling Netflix, nothing looks good, and you end up back at… a classic. There’s a scene where Peter Clemenza’s driver has just carried out a hit. Body in the front seat. Dark road. Clemenza, completely unbothered, turns to him and says: “Leave the gun. Take the cannoli.” Just a man who knows exactly what matters and what doesn’t. I couldn’t stop thinking about that scene this week. Because while hedge funds were staring at the gun — Iran, tariffs,...

Surprise!!! In 1900, Russia brought a wooden doll to the Paris World Exhibition that nobody had seen before. From the outside, a painted peasant woman in a traditional sarafan dress, rosy cheeks, a headscarf. Unremarkable. But you twisted it open… another doll. Identical in design, smaller in size. Then opened that one too. And another. Seven dolls total, each one hiding the next, all the way down to a tiny baby carved from a single piece of wood. The craftsmen who made it had one goal in mind — to surprise. The doll won a bronze medal. Within a decade, the whole world wanted one. The...

Turns out the prince was in the Sonoran Desert the whole time. In Grimm’s fairy tale, the princess kisses the toad. And it turns into a prince. For sixty years, psychedelics have been the toad of the medical world. It was sixty years of stigma, until…. Last Saturday, Washington kissed the toad. President Trump signed an executive order fast-tracking research and FDA approval for psychedelic treatments. The whole spectrum — mushrooms, plants, toads. And the prince showed up immediately. Stocks across the entire sector exploded before the ink was dry. But here’s what makes this...

Sometimes the wrong turn is worth $32 billion. Bravo 👏 It was a practice round at 2020 Augusta National. The tradition at The Masters is simple: players try to skip their tee shot across the pond in front of the green. You aim low, you hope it bounces, you try to land it somewhere on the putting surface. Most shots skip once or twice and die in the water. That’s the expected outcome. That’s physics. Jon Rahm‘s ball skipped four times. It kicked to the back of the green. It fed down the slope. And then — in front of exactly nobody, because it was a Tuesday practice round...

There is nothing better than a Saturday burger. It’s even more in my area… 😬 You’re standing in the meat aisle. Ground beef, $6.86 a pound. You’ve done this calculation before — last month it was $6.71, the month before that $6.58. You know it’s going up. You’ve known for a while. You buy it anyway. So does your neighbor. So does the guy behind you. So did 330 million Americans last year, collectively spending $45 billion on beef — 12% more than the year before. Not 12% more beef. Just 12% more dollars for roughly the same amount of meat. In economics, there’s...

Schrödinger had a cat. Wall Street has four of them. In 1935, a physicist named Erwin Schrödinger proposed a thought experiment that has been breaking people’s brains ever since. Put a cat in a sealed box with a radioactive atom. Until someone opens the box and actually looks, the cat is simultaneously alive and dead. Both things are true at once. Reality only collapses into a single answer the moment someone decides to observe it. Schrödinger meant it as a critique of quantum mechanics. Wall Street turned it into a business model. This week, four major stories dropped across the market....

Still processing… There is a list of the busiest stocks on Wall Street every single day — JPMorgan, Exxon, Nvidia, Apple, the names you’d expect to see moving billions of dollars before lunch. Yesterday a shoe company crashed that list. Not a tech company or an AI darling or a defense contractor riding the Iran war trade. A shoe company. One that had already sold its shoes, with a market cap of $22 million. It traded $3.8 billion in a single session. More than JPMorgan. More than Exxon. More than 25 times its own entire market cap in one day. The explanation is somehow even more absurd...